How to Plan For Your Retirement

Posted by Rory Brazil
January 17, 2022
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Depending on your age, the State retirement age in Ireland is between 66 and 68, which is when you’ll receive the Irish State Pension if you have enough PRSI contributions.

But what if you could shave five or even ten years off that?

Having adequate private pension funds to enjoy your retirement falls on your shoulders and understanding your end goal makes financial planning much easier.

It’s a fact that we are living longer as we take control of our health and wellbeing alongside the advancement in medicines. A 65 year old man has a 50% more chance of living to 87, and a female of the same age has a 50% more chance of living to 90 (source: Central Statistics Office for National Statistics).

Looking after your long-term financial status is something everyone needs to do sooner rather than later. Being prepared for all eventualities is good practice and gives peace of mind.

Where do you begin when planning for retirement?

Here are a few handy areas to check as you prepare a financial plan for your retirement:

What is your current status – check your State pension entitlement and get a pension statement from your employer so you have a clear idea of how much income you can expect and your various options. Running out of money during your retirement is a worry you don’t need on your plate.
Track your expenses – as well as fully understanding what is coming into your household, you also need to be crystal clear about what you are paying out. Of course, your expenditure may chop and change once you retire depending on what you decide to do with your time, but having a basic idea of spending habits will help you create an income and expenses analysis.

Here at Brazil Financial, we help our clients plan for their retirement through a combination of fact-finding questions and coaching. Our process gives the best piece of mind for future financial strategies.

Our financial planning service is called Life Without Limits and it’s where we help you understand what is most important in your life and why. We help you identify what needs to be put in place so you can retire early and maintain the lifestyle you and your family dream about.

Having this information provides a clear picture of income and expenses so we can offer the right coaching and advice on investment income, savings, and debt management.

Our Retirement Planning Service

Pension overview – we review and analyse a wide range of pension providers to recommend the most appropriate pension plan for your needs.

Risk Assessment – we provide comprehensive risk profiling to ensure your pension plan is tailored around your capacity for risk

Withdrawal strategy – with the use of sophisticated retirement planning software we outline a complete withdrawal strategy including future retirement income illustrations.

Ongoing review – we provide ongoing advice with an annual review meeting to guide you through your retirement planning journey.

At the end of our session you will receive a financial report which highlights your goals, the action steps needed to achieve what you want, and details any steps necessary for any shortfall in your finances.

Why work with Brazil Financial on your retirement plans?

A financial plan is a step-by-step journey you take with a series of actionable stages guiding you along the way. Some elements of your plan may be more challenging than others. However, the plan you create will allow you the freedom to live your life to the fullest for many years to come.

Planning and accountability go hand in hand. It’s understood that having an accountability partner who understands your goals improves your chance of success by 95%.

If you are ready to start planning for your retirement, our holistic approach is the right fit for you. It includes mentoring to bring together your financial and life plans and expert guidance every step of the way.

What next?

We aim to inspire you through a mix of financial planning and coaching to make positive changes in your life. We use our DREAM methodology to look at your finances from your values, dreams, and objectives.

Discover – Where are you today, and where do you want to be in the future?

Realise – Identify your priorities and visualise your goals

Everest –There will be challenges, but we help you overcome them

Action – Agree and implement the financial plan to get you to where you want to be

Mentorship – Bringing together the financial and life plans of you and your family

If you’re ready to retire early, start building a financial plan, and live the DREAM, get in touch for a chat

Create your own ‘Life Without Limits’ with Rory, a Certified Financial Planner CPF®, and Ireland’s only RLP® Financial Life Planner, to discuss how his DREAM programme can shape your future and allow you to create financial independence.

Financial Life Planning sessions are conducted face to face or over Zoom/Skype/Teams. Book your call today HERE.